Toggle AI, a fintech company, said on Tuesday that it launched an initiative with Interactive Brokers that enables their customers to trade commission-free. According to the press release, users of Toggle’s platform that are clients of Interactive Brokers will be entitled to reimbursement of their trading fees each month.
“For nearly four decades, retail investors have been strong-armed into accepting opaque pricing structures and bloated fees from most brokerages. Combining TOGGLE’s cutting-edge technology with Interactive Broker’s innovative commission structure will be transformative for investors who expect more from their brokerages. My hope is that collaboration will push the industry as a whole to offer transparent pricing structures, and more affordable fees,” Jan Szilagyi, Toggle AI's Co-Founder and CEO, commented.
Reimbursement Scheme
For subscribers trading with Interactive Brokers, Toggle offers reimbursement for commissions incurred, which is up to the dollar value of their subscription. US stock trading is free for IBKR Lite account holders, while commissions start at just USD $0.002 per share for Toggle AI’s IBKR Pro plan customers. Moreover, Toggle AI’s clients who are new to Interactive Brokers are eligible for low option commissions of USD $0.50 per contract.
“This collaboration highlights Interactive Brokers’ transparent pricing structure, and furthers TOGGLE’s mission of democratizing information and helping investors make better-informed trading decisions, faster,” the company said.
Thomas Peterffy, the Founder and Chairman of Interactive Brokers, added: “TOGGLE provides an excellent tool for traders, one of the best I have come across in the industry. We are glad to be associated with them.”
Toggle AI provides institutional and retail investors with curated insights on individual securities and their broader portfolios through an intelligent investment dashboard. It provides instant insight tailored to investors’ investing styles, like a GPS for investing. The Toggle AI platform provides investors with a window into their portfolio, highlighting what drives their holdings and what its impact might be. With a global reach and a team of industry veterans at the helm, Toggle AI is hiring across engineering, finance and design.
Recently, Interactive Brokers reported a decrease in the Daily Average Revenue Trades (DARTs) on a monthly basis.
